http://www.theaustralian.com.au/new...farm-up-for-sale/story-e6frg6nf-1226610704294
NATHAN Tinkler has put his entire Patinack Farm horseracing operation on the market as the embattled coal entrepreneur continues to shed his trophy assets to focus on "core operations".
The Tinkler Group will put the operation - which includes over 1000 racehorses, broodmares and stallions and his Sandy Hollow training facility in NSW's Hunter Valley - up for sale via an "international marketing program".
The move will allow Mr Tinkler to focus on core operations "spanning resources, port and rail infrastructure and property", the group said.
''As I am spending more time overseas, I do not have the time to manage the business,'' Mr Tinkler said in a statement.
''Patinack Farm represents a terrific opportunity for a local or international owner to develop the business to be a world leader.''
The sale is to be conducted formally by Magic Millions horse racing auction group and financial services firm Ernst & Young.
The ordered sale is at odds with the recent rollercoaster of asset sales and collapses to face the group and suggests Mr Tinkler is executing a considered strategy to recover from the financial tail-spin he entered mid-last year when coal prices tanked.
Through various auctions late last year Mr Tinkler had already sold several hundreds of the broodmares and racers in the Patinack Farm empire.
Early last year Mr Tinkler is understood to have approached Sheik Fahad al-Thani, a Qatari royal well connected to horse racing, seeking to sell the entire racing group for $200m.
The sale result for the current offering is expected to be well below that figure and is likely to book substantial losses for Mr Tinkler.
Retail giant Gerry Harvey, who is also chairman of Magic Millions, spruiked the asset yesterday.
"Nathan has built a truly world class operation in Patinack Farm, which includes superb facilities, along with leading racing and breeding stock," Mr Harvey said.
"He has had considerable success in a relatively short period of time, winning races like Caulfield Guineas, Chipping Norton and the Champagne Stakes."
Mr Harvey last year lent Mr Tinkler a large sum of money - widely rumoured to be about $20m - to stave-off receivers and it is understood the coal entrepreneur has yet to repay that loan.
An arm of Patinack Farm, Patinack Farm Administration, was liquidated in November owing creditors $5.5m.
That company was a linchpin in the group's operation because it employs all Patinack Farm staff.
Mr Tinkler was able to prevent that collapse from infecting the entire Patinack Farm group by creating a phoenix company, Thoroughbred Administration, which now employs most of the group's staff.
The key asset in the offering is the 3300 acre breeding facility in the Hunter Valley, which accommodates Patinack's "stallions, broodmares and young stock", the Tinkler Group said
